Daily Update: Gallant Venture’s $900M Power Financing; Ragnarok: Twilight Expands Globally; Visa Unveils APAC Leadership Changes; Scotland Backs Fintech Innovation; CapitaLand Ascendas REIT Acquires S$133.9M Logistics Asset

GALLANT VENTURE TO RAISE UP TO $900 MILLION DEBT TO FIRE POWER PLANTS

Singapore-headquartered publicly listed Gallant Venture Thursday said it plans to raise up to $900 million debt for the development of a 3 x 350MW coal-fired power plant in Pulau Setokok, Bulang, Batam, Indonesia.

The company said, PT Batamindo Investment Cakrawala, its wholly-owned subsidiary has entered into a facility agreement with PT Bank Central Asia , PT Bank Tabungan Negara (Persero), and PT Bank Rakyat Indonesia (Persero) as original mandated lead arrangers and bookrunners, together with participating lenders.

Gallant Ventures added that this will consist of a Term loan facility of up to US$ 450 million and Term loan facility of up to US$ 420 million, in Indonesian Rupiah .

The maturity date will be  8 years from Facility Agreement date, extendable by 2 years, subject to lenders’ approval. The Financing will be secured by a first-ranking security package over the project’s machinery, equipment, movable assets and land, project receivables and insurance proceeds, a pledge over the transaction accounts, and a corporate guarantee and letter of undertaking from the Guarantor.

The Financing is structured on a ring-fenced basis, with the security package limited to the Project assets and cash flows.

RAGNAROK: TWILIGHT GLOBAL SET TO LAUNCH IN EUROPE AND NORTH, CENTRAL AND SOUTH AMERICA ON JUNE 4, 2026

South Korea based GRAVITY Co, a developer and publisher of online and mobile games, announced that it has officially launched Ragnarok: Twilight Global, an idle MMORPG Mobile game, in Europe and North, Central and South America on June 4, 2026.

It is available for download from Google Play and Apple App Store in each respective region in Europe and North, Central and South America and can be played by downloading an APK file from official website.

“Ragnarok: Twilight Global has demonstrated both its gameplay and excitement by achieving consecutive success in previously launched regions including China, Taiwan, Hong Kong, Macau, and Southeast Asia. As key achievements, Ragnarok: Twilight ranked first in free download on Google Play and second in top-grossing on Apple App Store in Taiwan. It also ranked first in four regions in Southeast Asia, and second in Singapore in free download on Google Play. On Apple App Store, it ranked second in Thailand, and third in Malaysia and the Philippines in free download, while ranking second in Thailand and fourth in Malaysia in top-grossing,” the company added.

Gravity stated, “Ragnarok: Twilight Global differentiated itself from existing titles through its enhanced quality and thorough localization process. We will do our best to create a meaningful record of success in Europe and North, Central and South America.”

VISA ANNOUNCES ASIA PACIFIC LEADERSHIP APPOINTMENTS

Visa, a global player in digital payments, Thursday announced two senior leadership appointments in Asia Pacific.

Serene Gay, previously Group Country Manager for Singapore, Malaysia and Thailand, and SVP, Global Clients and Acquirers, Asia Pacific, has been appointed Head of Value-Added Services for Asia Pacific, taking over from Axel Boye-Moller, now Group Country Manager for the Nordics and Baltics. 

In this role, she will lead the expansion of Visa’s VAS business, spanning Issuing and Loyalty, Acceptance, and Risk & Security solutions. 

Adeline Kim steps into an expanded role as Group Country Manager for Singapore, Malaysia and Thailand and SVP, Global Clients & Acquirers for Asia Pacific, ensuring continuity as the business enters its next phase of growth across the cluster. She was previously Country Manager for Singapore and Brunei.

In her new role, Adeline will lead Visa’s business across Singapore, Malaysia and Thailand.

Stephen Karpin, Regional President, Asia Pacific, Visa, said: “Asia Pacific continues to be one of Visa’s most dynamic regions, and these appointments reflect both our strategic priorities and the depth of leadership talent we have built across the region.”

SCOTLAND INVESTS £3.18M TO FAST‑TRACK FINTECH GROWTH, JOBS AND COLLABORATIVE INNOVATION

The Financial Regulation Innovation Lab (FRIL), the UK’s centre of excellence for innovation in technology to efficiently meet financial regulation requirements, has secured £3.18 million from Scottish Enterprise to deliver three years of the programme. 

The funding will deepen collaboration amongst academia, industry and regulators, and further accelerate the adoption of responsible technology-driven innovation in financial services, supporting the sector’s competitiveness and that of the economy.

Led by FinTech Scotland in partnership with the University of Strathclyde, FRIL will accelerate the adoption of new solutions enabling fairer financial futures and supporting technology innovators to scale their businesses.

The types of industry regulatory challenges that FRIL will address include:

• ensuring AI is adopted by providers in a way that is responsible and explainable to ensure fair financial outcomes for businesses and consumers;

• finding solutions that strengthen the effectiveness, integrity and efficiency of financial crime controls.

To date, FRIL has successfully supported 120 fintech SMEs to accelerate solutions, enabled £28 million in committed private investment and delivered a projected 6:1 economic return on investment for every £1 of public funding. 

Jane Martin, Managing Director Innovation and Investment, Scottish Enterprise, said: “FRIL is a shining example of how collaboration between industry, academia and regulators can make a real impact, utilising the development of advanced technologies to create high‑value jobs and attract private investment.

This funding underscores our commitment to fintech innovation and our support for innovative businesses, helping them to scale with confidence and build the global competitiveness of Scotland’s financial services sector.”

Aleks Tomczyk, Chief Executive, FinTech Scotland, added: “The opportunity from the current and forecast future growth of fintech is huge. We are proud of FRIL’s impact to date. FRIL’s success evidences the strategic value of innovation to the economy and the strength of our fintech cluster in simultaneously delivering growth and better outcomes for consumers. Scottish Enterprise’s investment will use FinTech Scotland’s proven Innovation Labs model to accelerate innovation in large companies and speed growth in fintechs.”

CAPITALAND ASCENDAS REIT ACQUIRES LOGISTICS ASSET FOR S$133.9 MILLION

CapitaLand Ascendas REIT,  Singapore-based publicly held business space and industrial real estate investment trust, Thursday said it is acquiring 5 Tuas Avenue 5 in Singapore, for a purchase consideration of S$133.9 million from Hup Hin Transport. 

The property is a modern ramp-up logistics asset that was completed in 2021. The purchase consideration of approximately S$133.9 million  was negotiated on a willing-buyer and willing-seller basis, and is payable in cash.

The Manager intends to finance the total investment cost through a combination of net proceeds from the equity fund raising completed in April 2026 and debt financing.

It is a 1.5% discount to the independent market valuation of S$136.0 million as at 1 February 2026. The Acquisition is expected to be distribution per unit (DPU)-accretive for CLAR on a pro forma basis and will further enhance CLAR’s stable income stream. 

The first-year net property income (NPI) yield of the acquisition is attractive at approximately 6.6% pre-transaction costs and 6.5% post-transaction costs.

Mr William Tay, Chief Executive Officer and Executive Director of CapitaLand AscendasREIT Management Limited (the Manager), said: “Our acquisition of 5 Tuas Avenue 5 builds on our strong growth momentum in Singapore and will further diversify CLAR’s portfolio with another DPU-accretive acquisition. This will enhance our presence in western Singapore, which continues to benefit from structural demand drivers, including the expansion of Tuas Mega Port and supporting infrastructure. The long five-year lease term provides CLAR with income visibility and stable cash flows, underpinned by the fixed annual rental escalation.”

The property is currently fully occupied by four tenants including the Vendor. Upon completion of the Acquisition, the property will have a weighted average lease expiry of five years with an annual rental escalation of 2.0% under a triple-net lease structure.

Located in Tuas, the largest and most intensive industrial estate in the western region ofSingapore, the property is close to key infrastructure such as Tuas Mega Port, Jurong Port, Tuas Second Link which connects Singapore to Johor, Malaysia, as well as the AyerRajah Expressway. 

Gul Circle MRT station on the East-West Line is situated within walking distance of the property, enhancing accessibility for tenants and their employees.

Following the acquisition, CLAR’s logistics portfolio across Singapore, Australia, theUnited States, and the United Kingdom and Europe will increase to approximately S$4.9 billion and account for approximately 26.2% of the total portfolio value of S$18.7 billion.

This further reinforces logistics as a key pillar within CLAR’s diversified global portfolio of business space and life sciences, industrial, data centre and logistics assets.